Sectio 24-income tax bebnefits for home loan interest

This query is : Resolved

G.M.KULKARNI

G.M.KULKARNI (Querist)
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22 January 2015 Under section 24 of Income Tax rule,one of the clause says that "If the property is not acquired/ construction completed within 3 years from the end of financial year in which the house loan was taken, interest benefit in this case would be reduced from 2 lacks to 30 thousand only.IF SO can you clarify on:
1). 3 years from the end of financial year in which the house loan was taken,does it mean 3 years subsequent to (i.e. Excluding the financial year) in which the house loan was drawn? For example, if the house loan was sanctioned/ drawn in Dec 2009, then house should be acquired/ construction completed before end March 2012-13, counting 3 years as 2010-11,2011-12 and2012-13 ( leaving 2009-10)?

2). If the house is not occupied by the owner, Can it be treated as let-out and not self occupied?. If so also, the above clause of 3 years is applicable? Or time limit is not applicable? Please clarify.
Can you throw your expert advice

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 January 2015 1. starting from fy 2010-11 to 12-13 is the time limit.

2.in this case if its let out then no such ceiling limit is there for int payment made.